Construction Accounting Services Mauldin & Jenkins

In addition, contractors must pay attention to ASC 606 new revenue recognition standards. Outsource your accounting and payroll with one experienced company, just like thousands of our satisfied clients did. Precision accounting for companies with annual revenues over $500K.

Not only did this help the company reverse a decline in gross profits and net income, but it also resulted in more reasonable staff hours and increased employee morale. Juggling several projects is a challenge unto itself, with multiple teams, budgets, job cost reports and more. But when you add obstacles such as redundant processes, wasted efforts and lack of quality control, it can cost you time and money. Clearly, the subject of payroll taxes involves plenty of moving parts and covers a wide range of accounting knowledge. A U.S.-based international CPA can draw on expertise in all of these areas when advising you on your unique business setup. We offer a broad range of services for business owners, executives, and independent professionals.

Accounting Services

This was indeed the case; the three began to communicate frequently again, and they all continue to work together. Building something that lasts feels great, whether it’s a large construction project or a successful business. Struggling to get timely financial statements so you can increase bonding? Come to think of it, neither does wrestling with wage and hours issues, or wishing you had better tools to interpret your WIP and real-time project profitability.

Your company pays these taxes entirely, so nothing is withheld from employee paychecks. This payment must be deposited quarterly to the EFTPS by the last construction accounting services day of the month after the end of each quarter. If you’re self-employed, however, you’ll need to pay the full 15.3% of FICA taxes due on your salary.

Accounting

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Construction companies need a good accounting system and a FP&A tool for financial forecasts to understand the impact of increasing costs on profit,” says Scott Stafford, audit partner for Armanino LLP. “Running a construction business without financial insights and systems that provide adequate forecasting is a recipe for disaster,” he cautions. The specialized financial reporting, income tax rules and cyclical nature of the construction business mean that it’s essential to partner with a construction CPA firm that knows your industry. There are numerous rules, requirements and regulations that are unique to construction.

Construction Accounting (CPE Course)

Owners and managers must exercise caution when recruiting new talent and continually revisit their financial practices. Leaving the helm might seem like a long way off, but time moves quickly and life (like projects) doesn’t always go as planned. A written transition plan ensures that your vision for your firm is fulfilled and protects your family, your employees, and your customers. Streamlining and properly managing your construction firm’s operations allows you to better utilize your resources—so you can successfully add more jobs while managing the projects you already have.

These are sometimes assessed in large urban areas (think New York City, San Francisco, etc.). There are 14 states that allow local governments to collect an income tax. This tax rate can vary not only by state but within each state as well. This is because your company’s industry, years in business and unemployment history can all determine the percentage used to calculate the amount due. That’s right—payroll taxes aren’t solely the federal government’s domain.